MANAGEMENT

Detailed explanation-1: -Form W-2 is completed by an employer and contains important information that you need to complete your tax return. It reports your total wages for the year and the amount of federal, state, and other taxes withheld from your paycheck. It may also contain information about: Tips.

Detailed explanation-2: -W2, which stands for the wage and tax statement, is a tax form given by the Staffing companies to the Candidate in the month of January every year. Tax : On W2 tax will be taken care by his/her employer as the employer withholds a part of pay. What taxes need to be paid? Federal income Tax. State Income Tax.

Detailed explanation-3: -Form W-2 reflects your income earned and taxes withheld from the prior year to be reported on your income tax returns. Employers use W-2s to report FICA taxes for employees.

Detailed explanation-4: -Income, Social Security, or Medicare tax was withheld. Income tax would have been withheld if the employee had claimed no more than one withholding allowance or had not claimed exemption from withholding on Form W-4, Employee’s Withholding Allowance Certificate.